People in the News

October 16, 2013

Mark Cuban found not guilty of insider trading

2013 is a success for Dallas Mavericks owner Mark Cuban no matter what the team does. He took on the federal government and won. On Wednesday Cuban was found not guilty of insider trading charges. So no Martha Stewart type vacation for this member of the Shark Tank member.

The Dallas Business Journal reported:

“Cuban was accused of using information he was given by an executive with Mamma.com in 2004 ahead of a public offering to avoid a $750,000 loss on his 6 percent stake in the Canadian search company Mamma.com.

In his testimony, Cuban said he planned to sell the stock before knowing about the company’s plans for a public offering that would have diluted his shares, and he did not believe the was under a confidentiality agreement.”

Read the rest of the story at DBJ

Are you surprised he was found not guilty?

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